The movement to re-establish gold and silver as transactional currencies is gaining significant momentum in the United States, with Florida and Arkansas recently authorizing the precious metals as legal tender, according to Jason Cozens, CEO of Glint.
This legislative push aims to restore the constitutional right of states to make gold and silver money.
Cozens, a pioneer in enabling physical gold for electronic payments, told Andy Schectman, Founder and CEO of Miles Franklin Precious Metals, that Glint’s existing technology has been pivotal in demonstrating to lawmakers how gold can function as a "second authorized currency."
Cozens highlighted the liquidity, utility, and safety the platform provides.
The ‘Three Ts’ for adopting gold as legal tender
The drive for U.S. states to pass legal tender laws for gold and silver stems from what Cozens refers to as the "Three Ts" – Trust, Taking, and Taxes.
Trust: State treasurers or CFOs, such as Florida's, will develop rules and have the authority to audit gold holdings, thereby increasing trust in companies like Glint. This ensures that authorized companies have the proper "technology systems, processes, policies in place" and that the gold "is really there."
Taking: State authorization of gold as legal tender means that "no future federal government could confiscate it or make it illegal again," a historical concern given the period from 1933 to 1974 when gold ownership was illegal for U.S. citizens.
Taxes: If gold is deemed an authorized currency by the state, the argument is that the IRS "should have no ability to be able to charge that capital gains tax" on transactional gold.
Cozens cited a Biden administration statement on currency, which defined legal tender as needing to be both "legal tender and transactional," further strengthening the case for gold as a tax-exempt currency when used transactionally.
Lawmakers, initially skeptical of how gold could be used in modern electronic transactions, have reportedly changed their view upon seeing Glint's capabilities. "When they see Glint… they go, 'Oh, okay, we have to get this done as quickly as possible'."
Beyond Florida and Arkansas, other states like Missouri, Louisiana, and Texas are actively pursuing similar legislation.
Did you know gold was once illegal to own in the U.S.? Find out how new state laws are ensuring that history never repeats itself, watch the video above for insights!
Glint: bridging physical gold ownership with electronic payments
Glint is recognized as the first company globally to enable physical gold ownership to participate in electronic payments. Here's how it works:
